BetMakers raises AUS$35m to fund US expansion

Online wagering solutions provider BetMakers Technology Group has raised AUS$35m (£19.2m/€21.5m/US$24.1m) through a new share placement, with the new funds to be used to execute its US expansion plans.

The placement, which saw new fully paid ordinary shares offered at AUS$0.37, saw new investors and existing shareholders acquire shares, and received interest from both domestic and international funds.

Tekkorp Capital, the major shareholder in BetMarkers, was a cornerstone investor in the placement, while Canaccord Genuity served as lead manager and bookrunner.

“We are grateful for the ongoing support shown from our existing investor base as well as the strong interest from new institutional investors in BetMakers,” the provider’s managing director Todd Buckingham said.

BetMakers said that it will use proceeds from the placement to fund its strategic initiatives, including expansion into the US wagering market

In February, BetMakers signed an exclusive 10-year deal with the New Jersey Thoroughbred Horsemen Association and Darby Development, operator of Monmouth Park racetrack, to deliver and manage fixed-odds horseracing into the state.

BetMakers in April also agreed to both extend and upgrade its partnership with bookmaker William Hill. BetMakers will serve as the preferred distribution partner of William Hill and continue to provide the bookmaker with wagering technology services.

“The placement puts BetMakers in a strong position to pursue a number of near term strategic opportunities and to continue to accelerate its growth plans,” Buckingham said.

“These plans include the distribution of fixed odds race betting into the US, the expansion of our managed trading services offering globally and the distribution of international racing content to wagering operators in Australia, the US and the UK.”